Contracts audits deal with providing services in connection with negotiation, administration, and settlement of contracts and subcontracts. The audit is typically performed by an independent industry professional and encompasses both financial and compliance components.

Midwest Audit is a group of certified internal auditors (CIA) and certified fraud examiners (CFE) with over 30 years of industry experience. We have worked with both small and large corporations and are well-versed with the requirements of professional auditing. We ensure the integrity of your institution by completing a five step process

1. Establish and communicate the scope and objects of the audit to the Chief Audit Executive, Board of Directors, or other appropriate management.
2. Develop an understanding of the contracts under review. This involves review of documents and interviews.
3. Develop and execute a risk-based sampling and testing approach to determine whether the most important controls are operating as intended.
4. Report problems identified and negotiate action plans with management to address the problems.
5. Follow-up on reported findings at appropriate intervals. Internal audit departments maintain a follow-up database for this purpose.

With over 30 years of industry experience, we are your contracts auditing professionals. We diligently work to ensure that your financial integrity remains secure. Count on us to get the job done professionally and correctly.

Contact us today to learn how we can make a difference!